Bristol-Myers Squibb 8-K
PositiveEarningsGuidance raised
Demand for Opdivo Qvantig, Reblozyl and other Growth Portfolio drugs fueled a raised FY2026 revenue and non-GAAP EPS outlook.
Filed 2026-07-30 07:05 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 outlook. Revenue increased 6% to $13.0B, driven by Growth Portfolio momentum. BMS raised its full-year revenue and non-GAAP EPS outlook, citing strong first-half results and continued portfolio momentum.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $13.0B | $12.3B | 6% |
| Net earnings attributable to BMS (GAAP) | $3.32B | $1.31B | 153% |
| Net earnings attributable to BMS (non-GAAP) | $4.17B | $2.99B | 40% |
| Diluted EPS (GAAP) | $1.62 | $0.64 | 153% |
| Diluted EPS (non-GAAP) | $2.04 | $1.46 | 40% |
| Operating cash flow | $3.4B | $3.9B | -13% |
| Growth Portfolio revenue | $7.56B | $6.60B | 15% |
- Growth came from demand for Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi and Opdualag. Legacy Portfolio revenue declined 4% as generic impacts more than offset increased Eliquis demand.
- GAAP gross margin fell 120 bp to 71.3%, primarily from product mix. GAAP selling, general and administrative expense rose 7%, driven by new-product launch investment; research and development expense rose 15%, primarily from a priority review voucher purchase and higher IPRD impairment charges.
- At 6/30/2026, cash, cash equivalents and marketable debt securities totaled $11.5B; total debt was $43.1B and net debt was $31.7B. About $5B remained under the share repurchase authorization.
Guidance
The revenue outlook increase reflects strong first-half results and continued portfolio momentum; higher operating expenses reflect investment in pipeline programs and launches.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue (non-GAAP; reported and Ex-FX) | FY2026 | ≈$49.0B–$50.0B | ≈$46.0B–$47.5B | Raised |
| Gross margin (non-GAAP) | FY2026 | ≈69%–70% | ≈69%–70% | Reaffirmed |
| Operating expenses (non-GAAP) | FY2026 | ≈$16.5B | ≈$16.3B | Raised |
| Other income/(expense) (non-GAAP) | FY2026 | ≈$(700)M | ≈$(700)M | Reaffirmed |
| Effective tax rate (non-GAAP) | FY2026 | ≈18% | ≈18% | Reaffirmed |
| Diluted EPS (non-GAAP) | FY2026 | $6.75–$7.00 | $6.05–$6.35 | Raised |
| Eliquis worldwide revenue growth vs 2025 | FY2026 | 20%–25% | 10%–15% | Raised |
Non-GAAP outlook uses mid-July 2026 foreign exchange rates; the prior outlook used mid-April rates. The outlook excludes potential future acquisitions and divestitures, unquantified specified items, and acquired IPRD charges and licensing income incurred after 6/30/2026.
Investor Takeaways
- Track FY2026 revenue and non-GAAP EPS against the updated ranges; BMS cited continued Growth Portfolio strength and forecast a 4%–6% Legacy Portfolio decline.
- FDA decisions are scheduled for Reblozyl by 3/11/2027 and mezigdomide by 5/13/2027.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3